WE ♥ DEALS!
| Sales TransactionsArchitecture, development, and brokerage firm FLAnk purchased a seven-story, elevatored assisted-living facility at 607-09 Hudson Stfrom VillageCare for $33.3M cash. The buyer plans to convert the building into 10 condos ranging from 3,300 to 9,000 SF. Massey Knakal’s Paul Massey and James Nelson brokered the deal.*** Massey Knakal also brokered three other deals: a 3,954 SF mixed-use building at 221 First Ave for $4.4M cash (brokers: John Ciraulo,Joe Sitt, and Craig Waggner); a 38,000 SF, 47-unit apartment building at 1974 51st St in Borough Park, Brooklyn for $3.8M cash (broker: Jeffrey Shalom); and a 11k SF retail property at 33 Main Stin Tuckahoe (seller rep: MK’s John Barrett; buyer rep: Tri-Font Realty’s Mark Fonte; buyer: MAGJ Realty). *** Marcus & Millichap brokered two deals: the 170k SF Derby Shopping Center at 500 New Haven Ave in Derby, Conn. for$13.7M (brokers: Adam Mancinone, Blake Barbarisi, Robert Horvath, and Todd Tremblay); and a 13-unit, 7,930 SF mixed-use building at 1431 First Ave for $3.5M (brokers: Peter Von Der Ahe,Joseph Koicim, and David Lloyd). *** | ||
 | ||
| Barnwell House of Tires purchased the 43k SF 65 Jetson Ln inCentral Islip, Long Island from North American Enclosures for$2.5M. Ashlind Properties’ Richard Cohen and Michael Landsmanbrokered the sale. In a related deal, Global Warehousing & Logistics leased 55k SF at 85 Jetson Ln from North American. Richard repped North American, while he and Ashley Cohen repped the tenant.***Terranova Bakery purchased the 26k SF 525 South Fourth Ave inMount Vernon from Magnetic Analysis Corp for $1.8M. Colliers International’s Gerard Hallock and Nick Morizio repped the buyer, while Austin Properties’ Carl Austin and Phil Luria repped the seller.Lease Transactions | ||
| ||
| *** | ||
| Capco inked a 49k SF sublease at 77 Water St, expanding its office occupancy from 23k SF at 120 Broadway. CBRE’s Joan Meixner andGerry Miovski repped the tenant, which will take occupancy in July. Cushman & Wakefield’s Louis D'Avanzo, Robert Constable,Joseph Fabrizi, Willard Overlock, Franklin Speyer, and Courtney Adham repped the sublandlord. *** | ||
 | ||
| ACE American Insurance Co signed a 26k SF lease at 150 Allen Rd in Basking Ridge, NJ (pictured). JLL’s JC Giordano repped the tenant, while Cushman & Wakefield’s Bill Brown and Andy Parellarepped the owner, The Silverman Group. In another NJ insurance firm lease, Progressive inked a 22k SF renewal at Woodbridge Corporate Plaza, 485 Route 1 South in Iselin. Colliers International’sMichael Tesser repped the tenant, while CBRE’s Wesley Moorerepped owner KBS Realty Advisors. ***Sopexa signed a long-term, 6,000 SF lease at 250 Hudson St, relocating from 80 Maiden Ln. Colliers International’s Robert Goodman repped the tenant, while Dennis Brady repped ownerJack Resnick & Sons in-house. *** JLL is doubling the size of its Long Island office and relocating, taking a new 5,443 SF office at Melville Corporate Center III, 324 S Service Rd in Melville. Ray Ruiz and Marianne Dugan repped JLL in-house, while Craig Weiss reppped owner T. Weiss Realty Corpin-house. *** 16 W 36th St saw three deals: Pirozzi & Hillman’s five-year, 1,628 SF lease, Defaro Textile’s five-year, 1,100 SF lease (tenant rep:Century 21 Metro), and Bridge Global Strategies’ five-year, 1,068 SF lease. Adams & Co’s Nicholas Zagar repped the tenant in the first and third deal, and owner Beach Plaza Corp in all three deals. *** Intermix inked a long-term, 2,725 SF lease at 812 Washington St(aka 95 Horatio St). This deal completed the first of three phases of leasing at the building. The new store, scheduled to open in August, will be located at the base of TF Cornerstone’s 159-unit luxury rental apartment building. Robert K. Futterman & Associates’ Karen Bellantoni and Marc Finkel repped the tenant, while Pamela Haberand Bellantoni repped TF Cornerstone. *** | ||
 | ||
| The crocodile is growing at 608 Fifth Ave. Retailer LACOSTE is adding another 1,029 SF to its current 8,926 SF at the building. Anew build-out for ground- and second-floor space at the corner of 49th St. Construction will commence this month, and the store will re-open the new flagship in time for the summer. RFR Realty is the building owner. FinancingMeridian Capital Group arranged nearly $47M in new mortgage financing: $29.6M for two multifamily buildings totaling 230 units onWetherole St in Flushing and Broadway (arranged by Scott Assouline); $7.5M for a 67-unit, seven-story multifamily building onMacnish St in Elmhurst, Queens (arranged by Assouline); $3.6M for a 20-unit, six-story multifamily building on First Ave (arranged byDavid Zlotnick and Chaim Tessler); and $2.7M for the Suburban Plaza Shopping Center in Long Branch, NJ (arranged by Moshe Majeski and Josh Rhine). *** Meridian Capital Group’s Joseph Taub also arranged a $27.6Mrefinancing of a five-property retail condo portfolio, totaling 28k SFand all located in pre-war high-rise buildings on the Upper West Side. The seven-year mortgage was provided by UBS and features a fixed-rate of 5.31%. *** GCP Capital Group arranged mortgage financing totaling $9.9M:$5.1M for two seven-story elevator apartment buildings, totaling 36 apartments and 10 stores, on Amsterdam Ave (arranged by Adam Brostovski); $3.2M for three four-story walk-up mixed-use buildings, totaling 20 units and eight stores, on Lexington Ave (arranged byMichael Charnowitz); and $1.6M for a five-story walk-up apartment building, totaling 26 apartments and two stores, on Villa Ave in theBronx (arranged by Brostovski). Construction & Development | ||
 | ||
| Mc Gowan Builders broke ground on a multimillion-dollar BMW of Freehold car dealership at 4225 US Highway 9 North in Freehold, NJ. The project encompasses demolition of a pre-existing structure, erection of a new 28k SF showroom, expansion and renovation of a mechanic shop, and the renovation of a separate 10k SF body shop. The client is DCH Auto Group. The architect is GreenbergFarrow. BusinessGrubb & Ellis formed Daymark Realty Advisors, a wholly owned and separately managed subsidiary that will be responsible for the management of the company’s entire TIC portfolio. It's now one of the largest real estate asset management companies in the country, with5,200 clients and overseeing a national portfolio of 33M SF. It will be based in Santa Ana, Calif., and led by CEO Steven Shipp. Executive Moves Ronne Hackett joined Brookfield Office Properties as SVP of development for US commercial operations, where she will direct the development efforts for the firm’s 9.6M SF pipeline of US development properties in NY, DC, Houston, LA, and Denver, as well as pursue new development opportunities. She was previously the founder of The Clarett Group, and held a position at Park Tower Realty. She’s an NYU and College of Notre Dame of Maryland grad. *** Joseph Sarno and Jeremy Neuer joined CBRE’s East Brunswick, NJ office as respective EVP and SVP, focusing on commercial transaction services to corporate space users and landlord advisory services for many Central NJ office buildings. Both joined fromCushman & Wakefield. Joseph is a Bryant College grad, while Jeremy is a Trenton State College grad. *** Patrick Bisceglia joined Grubb & Ellis’ Stamford office as managing director, while Andrew Carney rejoined the company as director of the office group. Patrick’s past positions include CBRE, Marcus & Millichap, Rockwood Realty Associates, and Bluestone Realty Advisors. He’s a St. Lawrence and NYU grad. Andrew rejoins fromColliers International, and held positions at The Alliance Groupand Newmark Knight Frank. He’s a UConn grad. *** David Barry joined Carlton Advisory Services as managing director, focusing on investment and loans sales, as well as debt and equity investment. He was previously with Duke House Asset Managers, and held positions at Davy and KPMG Corporate Finance. He’s a University College Dublin grad. *** Neil Bane joined Johnson Capital as principal, where he will spearhead the growth of the Johnson Equity desk, the loan sale advisory and workout group, and the global hospitality practice. He was previously with an international real estate investment banking firm in NY, and held positions at Lehman Brothers, ARCS Commercial Mortgage, Citicorp, and PW Funding. He’s a Yeshiva,Cornell, and NYU grad. *** Matthew Allen joined Athena Real Estate as VP of business development, responsible for growing the firm’s investment portfolio and institutional advisory business. He was previously with a large Connecticut private owner-operator of 10M SF of Class-A and Class-B office properties, and also held a position at a private REIT. He’s a Dartmouth grad. |
